According to The Australian Financial Review, one of the major real estate agents in Australia, McGrath Real Estate, chief executive John McGrath has declared the Sydney property market "close to peak".He said "I'd be concerned if Sydney sees another double-digit growth. I'm predicting 3 to 5 per cent more and then I think it's going to be plateauing. Melbourne is probably about the same"."The rest of Australia … much of it is preparing for its next growth cycle. South-east Queensland is going to be the hottest market for the next three years. Perth is just totally depending on resources.On the other hand, billionaire developer Lang Walker, whose company Walker Corporation just won two of the largest projects of the landmark Parramatta Square $2 billion development, did not agree with the view put forward by real estate agent John McGrath this week that house price rises in the two main Australian cities were coming to a close."He's a real estate agent, not a developer," Mr Walker said at a Property Council of Australia lunch on Friday."The markets are still very under-supplied. I think what we are going to see in the next 18 months to two years is a capacity shortage.He also dismissed the idea of a "property bubble", particularly in Sydney, where demand would swallow up any "real oversupply"."On the housing market on the fringes in Sydney such as the south-west and the north-west, for example, we are in a critical shortage," he said.The state government's $8 billion investment in projects and infrastructure, including the light rail into Parramatta and faster train services to the Sydney CBD, would guarantee Parramatta's success at becoming Sydney's next big city, he said.